Common use of Senior Secured Obligations Clause in Contracts

Senior Secured Obligations. The security interests granted by the Company and Packaging pursuant to Section 1.1 of this Agreement secures on a first priority basis, and the Pledged Collateral is collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by acceleration or otherwise (including the payment of amounts which would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), of all Obligations, all obligations of the Pledgors under any Other Permitted Credit Exposure Documents and all obligations of either Pledgor or other permitted obligor under any Permitted Secured Debt Documents, in each case whether for principal, premium or interest (including, without limitation, interest which, but for the filing of a petition in a bankruptcy, reorganization or other similar proceeding with respect to the Pledgor, would accrue on such obligations), payments for early termination, payments for settlement of amounts due under any such agreement, fees, expenses or otherwise and all obligations of either Pledgor or other permitted obligor now or hereafter existing under this Agreement, in each case, excluding Excluded Swap Obligations (all such obligations being the “Senior Secured Obligations”); provided, that, the pledge made and security interest granted in Section 1 and any other provisions of this Agreement shall be effective as to any obligations in respect of any Other Permitted Credit Exposure Documents or Permitted Secured Debt Documents only if the holders of such obligations or their representatives shall have executed and delivered to Collateral Agent an appropriate acknowledgment to an Applicable Intercreditor Agreement acknowledged by Borrowers’ Agent (it being acknowledged that such execution, acknowledgment and delivery has been completed with respect to those other obligations set forth on Exhibit I to the Intercreditor Agreement and all of the foregoing are and continue to be secured hereunder). For purposes of determining the amount of Senior Secured Obligations relating to any obligation with respect to which a Person other than a Pledgor is the direct or primary obligor and with respect to which a Pledgor is a guarantor (including by way of providing security), the total amount of such Senior Secured Obligations shall be calculated without duplication of the amount of such direct or primary obligation secured by the Pledged Collateral and the related guaranty obligations of the Pledgors secured by the Pledged Collateral.

Senior Secured Obligations. The security interests granted Section 2.1 of the Pledge Agreement is hereby amended by adding the Company following after the words "as applicable": "PROVIDED, FURTHER, THAT, notwithstanding any such execution and Packaging pursuant delivery of a counterpart or acknowledgement to Section 1.1 of this the Intercreditor Agreement secures on a first priority basisby any holder of, and the Pledged Collateral is collateral security foror New Senior Debt Representative with respect to, the prompt payment New 2002 Senior Notes acknowledged by Pledgors or performance in full when due, whether at stated maturity, by acceleration or otherwise (including the payment of amounts which would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), of all Obligations, all obligations of the Pledgors under any Other Permitted Credit Exposure Documents and all obligations of either Pledgor or other permitted obligor under any Permitted Secured Debt Documents, in each case whether for principal, premium or interest (including, without limitation, interest which, but for the filing of a petition in a bankruptcy, reorganization or other similar proceeding with respect to the Pledgor, would accrue on such obligations), payments for early termination, payments for settlement of amounts due under any such agreement, fees, expenses or otherwise and all obligations of either Pledgor or other permitted obligor now or hereafter existing under this Agreement, in each case, excluding Excluded Swap Obligations (all such obligations being the “Senior Secured Obligations”); provided, thatBorrowers' Agent, the pledge made and security interest granted in Section SECTION 1 and any the other provisions of this Agreement shall not be effective as to any obligations in respect of any Other Permitted Credit Exposure Documents or Permitted Secured such New 2002 Senior Notes until April 1, 2002; PROVIDED, FURTHER, THAT, so long as the New Senior Debt Documents only if Representative for the holders of such obligations or their representatives shall have New 2002 Senior Notes has executed and delivered to Collateral Agent an appropriate a counterpart or acknowledgment to an Applicable the Intercreditor Agreement acknowledged by Pledgors or Borrowers’ Agent (it being acknowledged that such execution' Agent, acknowledgment and delivery has been completed with respect to those then on April 1, 2002, without any further action by the Pledgors or Borrowers' Agent, the New Senior Debt Representative or any other obligations set forth on Exhibit I party hereto or to the Intercreditor Agreement or to the Credit Agreement, the New Senior Debt Representative and all the holders of the foregoing are New 2002 Senior Notes shall automatically be entitled to the benefits of this Agreement; and continue PROVIDED, YET, FURTHER, that in no event (whether before or after April 1, 2002 and notwithstanding any execution and delivery of a counterpart or acknowledgement to the Intercreditor Agreement) shall the pledge made and security interest granted in SECTION 1 by Company in the Company Pledged Collateral issued by or owing from O-1 General FTS (including, for the avoidance of doubt, any documents, instruments, or certificates evidencing the same and any proceeds of such Company Pledged Collateral) (the "EXCLUDED PLEDGED COLLATERAL") secure obligations in respect of the New 2002 Senior Notes and such Excluded Pledged Collateral shall not be secured hereunder). For purposes held by Collateral Agent for the benefit of determining the amount of any holder of, or New Senior Secured Obligations relating to any obligation Debt Representative with respect to which a Person other than a Pledgor is the direct or primary obligor and with respect to which a Pledgor is a guarantor (including by way of providing security)to, the total amount of such New 2002 Senior Secured Obligations shall be calculated without duplication of the amount of such direct or primary obligation secured by the Pledged Collateral and the related guaranty obligations of the Pledgors secured by the Pledged CollateralNotes."

Senior Secured Obligations. The security interests granted by the Company and Packaging pursuant to Section 1.1 of this This Agreement secures on a first priority basissecures, and the Pledged Collateral is collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by acceleration or otherwise (including the payment of amounts which would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § Section 362(a)), of all Obligations now or hereafter existing under or in respect of the Credit Agreements (the "OBLIGATIONS"), the notes which evidence Indebtedness under the Credit Agreements (the "NOTES"), all Interest Rate Obligations and Currency Obligations now or hereinafter existing under or in respect of the Interest Rate Agreements and the Currency Agreements, all Foreign Lender Obligations, all obligations of the Pledgors Pledgor now or hereafter existing under any Other Permitted Credit Exposure Documents the Senior Debenture Indenture and the Senior Debentures issued thereunder, and all obligations of either Pledgor or other permitted obligor under any Permitted Secured Debt DocumentsCommercial Paper Obligations, in each case whether for principal, premium or interest (including, without limitation, interest which, but for the filing of a petition in a bankruptcy, reorganization or other similar proceeding with respect to the Pledgor, would accrue on such obligations), payments for early termination, payments for settlement of amounts due under any such agreement, fees, expenses or otherwise and all obligations of either the Pledgor or other permitted obligor now or hereafter existing under this Agreement, in each case, excluding Excluded Swap Obligations Agreement (all such obligations being the “Senior Secured Obligations”"SENIOR SECURED OBLIGATIONS"); provided, that, provided that the pledge made and security interest granted in Section 1 1A and any other provisions of this Agreement shall be effective as to any obligations in respect of any Other Permitted Successor Credit Exposure Documents or Permitted Secured Debt Documents Agreements, Interest Rate Agreements, Currency Agreements and Foreign Lender Guaranties only if the holders of such obligations or their representatives shall have executed and delivered to the Collateral Agent an appropriate acknowledgment to an Applicable a counterpart of the Intercreditor Agreement acknowledged by Borrowers’ Agent (it being acknowledged that such execution, or an acknowledgment and delivery has been completed with respect to those other obligations set forth on Exhibit I to the Intercreditor Agreement (in the form attached thereto) acknowledged by the Pledgor; provided, further that the pledge made and all security interest granted in Section 1A and any other provisions of this Agreement shall be effective as to any obligations in respect of the foregoing are Senior Debenture Indenture and continue the Senior Debentures issued thereunder only if the Senior Debenture Trustee shall have executed and delivered to the Collateral Agent a counterpart of the Intercreditor Agreement; provided, further that the pledge made and security interest granted in Section 1A and any other provisions of this Agreement shall be effective as to any Commercial Paper Obligations in respect of any Commercial Paper only if the Commercial Paper Representative in respect of such Commercial Paper shall have executed and delivered to the Collateral Agent an acknowledgment to the Intercreditor Agreement (in the form attached thereto) acknowledged by the Pledgor; and provided, further that the pledge made and security interest granted by the Pledgor in Section 1A shall be released, and any other provisions of this Agreement with respect to such pledge made and security interest granted by the Pledgor shall cease to be effective, in each case with respect to the obligations of the Pledgor under the Senior Debenture Indenture and the Senior Debentures issued thereunder, if upon the date of such release (i) all outstanding Indebtedness (as defined in the Senior Debenture Indenture) of the Pledgor incurred, or taken into account in determining the amount of Indebtedness (as defined in the Senior Debenture Indenture) outstanding, under clause (i) of part (a) of Section 4.03 of the Senior Debenture Indenture, if incurred by the Pledgor on that date, would be permitted to be incurred by the Pledgor under Section 4.03 of the Senior Debenture Indenture and secured hereunder)(if applicable) under Section 4.08 of the Senior Debenture Indenture, in each case under the permitted exceptions to the restrictions set forth therein (other than clause (i) of Section 4.08 of the Senior Debenture Indenture) and (ii) no Default (as defined in the Senior Debenture Indenture) would occur as a result thereof or otherwise shall have occurred and be continuing. For purposes of determining the amount of Senior Secured Obligations relating to any obligation with respect to which a Person other than a the Pledgor is the direct or primary obligor and with respect to which a the Pledgor is a guarantor (including by way of providing security), the total amount of such Senior Secured Obligations shall be calculated without duplication of the amount of such direct or primary obligation secured by the Pledged Collateral and the related guaranty obligations of the Pledgors Pledgor secured by the Pledged Collateral.

Senior Secured Obligations. The security interests granted by the Company and Packaging pursuant to Section 1.1 of this This Agreement secures on a first priority basissecures, and the Pledged Collateral is collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by acceleration or otherwise (including the payment of amounts which would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § ss. 362(a)), of all Obligations, all obligations of the Pledgors under any Other Permitted Credit Exposure Documents and Documents, all obligations of either Pledgor or other permitted obligor under any Permitted Secured New Senior Debt DocumentsDocuments and all Interest Rate Obligations and Currency Obligations now or hereinafter existing under or in respect of the Interest Rate Agreements and the Currency Agreements, in each case whether for principal, premium or interest (including, without limitation, interest which, but for the filing of a petition in a bankruptcy, reorganization or other similar proceeding with respect to the Pledgor, would accrue on such obligations), payments for early termination, payments for settlement of amounts due under any such agreement, fees, expenses or otherwise and all obligations of either Pledgor or other permitted obligor now or hereafter existing under this Agreement, in each case, excluding Excluded Swap Obligations Agreement (all such obligations being the “Senior Secured Obligations”"SENIOR SECURED OBLIGATIONS"); provided, that, provided that the pledge made and security interest granted in Section SECTION 1 and any other provisions of this Agreement shall be effective as to any obligations in respect of any Other Permitted Credit Exposure Documents Documents, New Senior Debt Documents, Interest Rate Agreements or Permitted Secured Debt Documents Currency Agreements only if the holders of such obligations or their representatives shall have executed and delivered to the Collateral Agent an appropriate acknowledgment to an Applicable a counterpart of the Intercreditor Agreement acknowledged by Borrowers’ Agent (it being acknowledged that such execution, or an acknowledgment and delivery has been completed with respect to those other obligations set forth on Exhibit I to the Intercreditor Agreement and all of (in the foregoing are and continue to be secured hereunder)form attached thereto) acknowledged by the Pledgors or Borrowers' Agent, as applicable. For purposes of determining the amount of Senior Secured Obligations relating to any obligation with respect to which a Person other than a Pledgor is the direct or primary obligor and with respect to which a Pledgor is a guarantor (including by way of providing security), the total amount of such Senior Secured Obligations shall be calculated without duplication of the amount of such direct or primary obligation secured by the Pledged Collateral and the related guaranty obligations of the Pledgors secured by the Pledged Collateral.

Senior Secured Obligations. The security interests granted by the Company and Packaging pursuant to Section 1.1 of this Agreement secures on a first priority basis, and the Pledged (Pledge Agreement) Collateral is collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by acceleration or otherwise (including the payment of amounts which would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), of all Obligations, all obligations of the Pledgors under any Other Permitted Credit Exposure Documents and all obligations of either Pledgor or other permitted obligor under any Permitted Secured Debt Documents, in each case whether for principal, premium or interest (including, without limitation, interest which, but for the filing of a petition in a bankruptcy, reorganization or other similar proceeding with respect to the Pledgor, would accrue on such obligations), payments for early termination, payments for settlement of amounts due under any such agreement, fees, expenses or otherwise and all obligations of either Pledgor or other permitted obligor now or hereafter existing under this Agreement, in each case, excluding Excluded Swap Obligations (all such obligations being the “Senior Secured Obligations”); provided, that, the pledge made and security interest granted in Section 1 and any other provisions of this Agreement shall be effective as to any obligations in respect of any Other Permitted Credit Exposure Documents or Permitted Secured Debt Documents only if the holders of such obligations or their representatives shall have executed and delivered to Collateral Agent an appropriate acknowledgment to an Applicable Intercreditor Agreement acknowledged by Borrowers’ Agent (it being acknowledged that such execution, acknowledgment and delivery has been completed with respect to those other obligations set forth on Exhibit I to the Intercreditor Agreement and all of the foregoing are and continue to be secured hereunder). For purposes of determining the amount of Senior Secured Obligations relating to any obligation with respect to which a Person other than a Pledgor is the direct or primary obligor and with respect to which a Pledgor is a guarantor (including by way of providing security), the total amount of such Senior Secured Obligations shall be calculated without duplication of the amount of such direct or primary obligation secured by the Pledged Collateral and the related guaranty obligations of the Pledgors secured by the Pledged Collateral.

Senior Secured Obligations. The security interests granted by the Company and Packaging pursuant to Section 1.1 of this This Agreement secures on a first priority basissecures, and the Pledged Collateral is collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by acceleration or otherwise (including the payment of amounts which would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), of all Obligations, all obligations of the Pledgors under any Other Permitted Credit Exposure Documents and all obligations of either Pledgor or other permitted obligor under any Permitted Secured New Senior Debt Documents, in each case whether for principal, premium or interest (including, without limitation, interest which, but for the filing of a petition in a bankruptcy, reorganization or other similar proceeding with respect to the Pledgor, would accrue on such obligations), payments for early termination, payments for settlement of amounts due under any such agreement, fees, expenses or otherwise and all obligations of either Pledgor or other permitted obligor now or hereafter existing under this Agreement, in each case, excluding Excluded Swap Obligations Agreement (all such obligations being the “Senior Secured Obligations”); provided, that, the pledge made and security interest granted in Section 1 and any other provisions of this Agreement shall be effective as to any obligations in respect of any Other Permitted Credit Exposure Documents or Permitted Secured New Senior Debt Documents only if the holders of such obligations or their representatives shall have executed and delivered to Collateral Agent an appropriate acknowledgment to an Applicable the Original Intercreditor Agreement, the Amended and Restated Intercreditor Agreement or the Intercreditor Agreement (in the form attached thereto) acknowledged by the Pledgors or Borrowers’ Agent Agent, as applicable (it being acknowledged that such execution, acknowledgment and delivery has been completed with respect to the obligations in respect of the Existing Xxxxx-Xxxxxxxx Senior Secured Notes and with respect to those other obligations set forth on Exhibit I to the Intercreditor Agreement and all of the foregoing are and continue to be secured hereunder). For purposes of determining the amount of Senior Secured Obligations relating to any obligation with respect to which a Person other than a Pledgor is the direct or primary obligor and with respect to which a Pledgor is a guarantor (including by way of providing security), the total amount of such Senior Secured Obligations shall be calculated without duplication of the amount of such direct or primary obligation secured by the Pledged Collateral and the related guaranty obligations of the Pledgors secured by the Pledged Collateral.

Senior Secured Obligations. The security interests granted by the Company and Packaging pursuant to Section 1.1 of this Agreement secures on a first priority basis, and the Pledged Collateral is collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by acceleration or otherwise (including the payment of amounts which would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), of all Obligations, all obligations of the Pledgors under any Other Permitted Credit Exposure Documents and all obligations of either Pledgor or other permitted obligor under any Permitted Secured Debt Documents, in each case whether for principal, premium or interest (including, without limitation, interest which, but for the filing of a petition in a bankruptcy, reorganization or other similar proceeding with respect to the Pledgor, would accrue on such obligations), payments for early termination, payments for settlement of amounts due under any such agreement, fees, expenses or otherwise and all obligations of either Pledgor or other permitted obligor now or hereafter existing under this Agreement, in each case, excluding Excluded Swap Obligations Agreement (all such obligations being the “Senior Secured Obligations”); provided, that, the pledge made and security interest granted in Section 1 and any other provisions of this Agreement shall be effective as to any obligations in respect of any Other Permitted Credit Exposure Documents or Permitted Secured Debt Documents only if the holders of such obligations or their representatives shall have executed and delivered to Collateral Agent an appropriate acknowledgment to an Applicable a Predecessor Intercreditor Agreement acknowledged by Borrowers’ Agent (it being acknowledged that such execution, acknowledgment and delivery has been completed with respect to those other obligations set forth on Exhibit I to the Intercreditor Agreement Agreement(1) and all of the foregoing are and continue to be secured hereunder). For purposes of determining the amount of Senior Secured Obligations relating to any obligation with respect to which a Person other than a Pledgor is the direct or primary obligor and with respect to which a Pledgor is a guarantor (including by way of providing security), the total amount of such Senior Secured Obligations shall be calculated without duplication of the amount of such direct or primary obligation secured by the Pledged Collateral and the related guaranty obligations of the Pledgors secured by the Pledged Collateral.

Senior Secured Obligations. The security interests granted by the Company and Packaging pursuant to Section 1.1 of this This Agreement secures on a first priority basissecures, and the Pledged Collateral is collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by acceleration or otherwise (including the payment of amounts which would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), of all Obligations, all obligations of the Pledgors under any Other Permitted Credit Exposure Documents and Documents, all obligations of either Pledgor or other permitted obligor under any Permitted Secured New Senior Debt DocumentsDocuments and all Interest Rate Obligations and Currency Obligations now or hereinafter existing under or in respect of the Interest Rate Agreements and the Currency Agreements, in each case whether for principal, premium or interest (including, without limitation, interest which, but for the filing of a petition in a bankruptcy, reorganization or other similar proceeding with respect to the Pledgor, would accrue on such obligations), payments for early termination, payments for settlement of amounts due under any such agreement, fees, expenses or otherwise and all obligations of either Pledgor or other permitted obligor now or hereafter existing under this Agreement, in each case, excluding Excluded Swap Obligations Agreement (all such obligations being the “"Senior Secured Obligations”"); provided, that, provided that the pledge made and security interest granted in Section 1 and any other provisions of this Agreement shall be effective as to any obligations in respect of any Other Permitted Credit Exposure Documents Documents, New Senior Debt Documents, Interest Rate Agreements or Permitted Secured Debt Documents Currency Agreements only if the holders of such obligations or their representatives shall have executed and delivered to the Collateral Agent an appropriate acknowledgment to an Applicable the Original Intercreditor Agreement or the Intercreditor Agreement (in the form attached thereto) acknowledged by the Pledgors or Borrowers’ Agent ' Agent, as applicable (it being acknowledged that such execution, acknowledgment and delivery has been completed with respect to the obligations in respect of the Existing Xxxxx-Xxxxxxxx Senior Secured Notes and with respect to those other obligations set forth on Exhibit I Schedule A to the Intercreditor Agreement and all of the foregoing are and continue to be secured hereunder). For purposes of determining the amount of Senior Secured Obligations relating to any obligation with respect to which a Person other than a Pledgor is the direct or primary obligor and with respect to which a Pledgor is a guarantor (including by way of providing security), the total amount of such Senior Secured Obligations shall be calculated without duplication of the amount of such direct or primary obligation secured by the Pledged Collateral and the related guaranty obligations of the Pledgors secured by the Pledged Collateral.